State Farm, which insures about one third of Louisiana drivers, will reduce its automobile policy rates again, Insurance Commissioner Jim Donelon said. The change takes effect in April.
The 3.2 percent decrease, which Donelon announced Thursday (Feb. 7), is the latest in a string of State Farm price cuts dating from last summer. All told, its rates are 7.7 percent less than in June 2018.
“These decreases are directly attributable to competition in the auto insurance marketplace and again demonstrate that competition is truly the best protection for policyholders,” Donelon said.
State Farm is the largest insurer in Louisiana with more than 1 million private auto policies. The company did not respond immediately to a request for comment.
Louisiana has been the second-most expensive state for auto insurance, behind New Jersey, based on research from the Insurance Information Institute. It pegged the average annual expenditure at $1,302 for 2016 policies.